Editorial Commentary

What Are Dreams Made Of?

Elon Musk's are made of tax credits, subsidies, and government contracts.

Hang on, investors. Riding a wagon harnessed to the visions of Elon Musk is a sure cure for boredom. The billionaire adventurer has indulged many new interests in a career spanning less than two decades and many billions of dollars. They share a risky fascination with the future.

Musk's first venture was an attempt to introduce the newspaper business to the Internet by publishing electronic city guides. It failed, although he sold it profitably. Next came an attempt to introduce the banking system to the Internet, an...